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Dec 6, 2012
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>> is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect of an agreement that doesn't involve the tax -- remember, it's 207b8%. remember, all of those americans, too, get a tax cut into that framework on the first $250,000 of their income. >> that said the president and speaker john boehner discussed the budget by phone yesterday. susan mcginnis is in washington with the latest on this game of fiscal chicken. susan, good morning to you. >> right. good morning, terrell. yeah, that phone call does raise the possibility that some serious talks could start soon, but now we learn that a lot of members of congress are heading out on a long weekend, not to return till tuesday, this as the impasse here on capitol hill continues and the nation waits. social security workers marched outside their office in baltimore wednesday. they're protesting the government spending cuts due to kick in at the end of the year as part of the fiscal clear. >> we don't want to see our public hurt in any way. >> just down the road in washington, d.c
>> is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect of an agreement that doesn't involve the tax -- remember, it's 207b8%. remember, all of those americans, too, get a tax cut into that framework on the first $250,000 of their income. >> that said the president and speaker john boehner discussed the budget by phone yesterday. susan mcginnis is in washington with the latest on this game of fiscal chicken. susan, good morning to...
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Dec 9, 2012
12/12
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to be moot. >> if nothing is done by the end of the year to avoid the fiscal cliff, automatic federal spending cuts could impact the foot we eat. emily schmidt explains. >> preparing for holidays is a reminder of something else around the corner. >> i just can't imagine funding being cut at this point. it was be tragic. >> she is worried budget cuts would hurt food safety inspection. that's mattered to her since her twins her born in 1999. she and her babies got listeria poisoning. contaminated food sickens about 48 million a year. 3,000 die. so the fda and usda are charged with protecting the simply. an 8.2 budget cut translates to $157 million. there's no word exactly what cuts would mean to staffing. >> both fda and usda are stretched pretty thin when it comes to the activities they do. they need increased resources and not fewer. >> agencies always say they're stretched. >> dean clancy is with freedom works and says the cuts leave nothing to fear. >> arguing that getting spending under control endangers public health and safety is a really irresponsible scare tactic. especially wh
to be moot. >> if nothing is done by the end of the year to avoid the fiscal cliff, automatic federal spending cuts could impact the foot we eat. emily schmidt explains. >> preparing for holidays is a reminder of something else around the corner. >> i just can't imagine funding being cut at this point. it was be tragic. >> she is worried budget cuts would hurt food safety inspection. that's mattered to her since her twins her born in 1999. she and her babies got listeria...
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Dec 9, 2012
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. >> we'd like to announce that we have reach and agreement to avoid the fiscal cliff. in order to get the support of the speaker, i agree there would be no tax increases. i repeat, zero tax increases. now, why would i do that? i mean i won the election. i had the leverage. why give in? well, simply put, i felt sorry for this man. earlier this week i found my way into the congressional cafeteria, and what i do see? john boehner sitting by himself. all alone. not a single member of his party wanted to share his company. he didn't even have any milk to drink because, well, tell them why, john. >> they had taken my milk and thrown it in the garbage. >> these are supposed to be his friends. his colleagues. but even at the hint that the taxes might be raised on his leadership watch, they turn on him. tell them what you found in your office desk. >> oh, i don't -- >> no, no. go ahead. hey, tell them what your so-called friends put in your office desk. >> it was a rubber snake. >> a rubber snake. and did it scare you? >> it did. >> i was so heartbroken to hear this, i said, lo
. >> we'd like to announce that we have reach and agreement to avoid the fiscal cliff. in order to get the support of the speaker, i agree there would be no tax increases. i repeat, zero tax increases. now, why would i do that? i mean i won the election. i had the leverage. why give in? well, simply put, i felt sorry for this man. earlier this week i found my way into the congressional cafeteria, and what i do see? john boehner sitting by himself. all alone. not a single member of his...
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Dec 10, 2012
12/12
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time for a fiscal cliff update for you. nothing much going on in public at least as president obama hits the road to campaign for higher tax rates on the rich. the list of pledge signers willing to consider raising taxes on the rich already includes republican senator bob corker of tennessee. not that he or the others you see here really want taxes to go up for anyone, but corker says agreeing to increases for the top 2% shifts the discussion. >> a lot of people are putting forth a theory and i actually think it has merit where you go ahead and give the president the 2% increase that he's talking about, the rate increase on the top 2%, and all of a sudden the shift goes back to entitlements. >> the shift he's talking about is the political pressure to get larger spending cuts which a good many democrats oppose. we'll see how it works out for him because spending cuts are not working out for italy's government. prime minister mario monti announced he would resign after losing support over his austerity moves. a return of pol
time for a fiscal cliff update for you. nothing much going on in public at least as president obama hits the road to campaign for higher tax rates on the rich. the list of pledge signers willing to consider raising taxes on the rich already includes republican senator bob corker of tennessee. not that he or the others you see here really want taxes to go up for anyone, but corker says agreeing to increases for the top 2% shifts the discussion. >> a lot of people are putting forth a theory...
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Dec 9, 2012
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cliff, what i'm confused about is what taxes will be raised? >> that's right. well the payroll tax holiday, it was created in 2010, it had a two-year tax extension, it expires on december 31st. this is a 2% payroll tax that all americans were enjoying. if nothing is resolved, your first paycheck in january is going to be 2% lighter. that may not sound like a lot. but you take a person who's makimake $50,000 per year, it's about 1,700 a year. >> i'm going to guess that even if we do leap off the cliff, we'll have some type of a resolution, some type of a deal that will be retroactive back to january 1. but why play with poison like that, right now have to expect that you want that deal done now. >> what are the convinces for tfor -- consequences for military personnel? >> just on the defense sector alone, you're looking at $55 billion in cuts just to the defense budget. you have to look at the ancillary part of this. you look at real estate holdings, homes that are have a close proximity to defense. >> final question for you, todd, a major confu
cliff, what i'm confused about is what taxes will be raised? >> that's right. well the payroll tax holiday, it was created in 2010, it had a two-year tax extension, it expires on december 31st. this is a 2% payroll tax that all americans were enjoying. if nothing is resolved, your first paycheck in january is going to be 2% lighter. that may not sound like a lot. but you take a person who's makimake $50,000 per year, it's about 1,700 a year. >> i'm going to guess that even if we do...
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Dec 5, 2012
12/12
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the republicans and democrats alike designed the fiscal cliff. it's a series of bipartisan compromises and i think it's kind of foolish to think that this group of congressmen and senators is going to come up with a way out of something they themselves designed. >> rich, you worked for a republican speaker who went up against a democratic president over the spending issues. back then the face-off didn't turn out all that well for your party. obviously very difficult era. do you agree with eric's take? is the right strategy for republicans to stick to their guns, forget about compromise? >> no. i really don't -- eric is one of my favorite people. we talk a lot. but i think that, and i did work for the speaker gingrich during the shut-down fight in '96, and it did not work out well for republicans. the president has a much bigger bully pulpit than the speaker does. newt gingrich's bully pulpit was pretty big back in those days but at some point, republicans in the house -- and i think boehner is trying to look for ways to do this, speaker boehner,
the republicans and democrats alike designed the fiscal cliff. it's a series of bipartisan compromises and i think it's kind of foolish to think that this group of congressmen and senators is going to come up with a way out of something they themselves designed. >> rich, you worked for a republican speaker who went up against a democratic president over the spending issues. back then the face-off didn't turn out all that well for your party. obviously very difficult era. do you agree with...
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Dec 7, 2012
12/12
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at the end of the year, we would still go over the fiscal cliff. remember, the bush tax cuts are one of the at least stimulative policies in the negotiations. according to the economic policy institute, extending the middle class tax cuts would wipe out only about 11% of the austerity's economic impact. 11%. but all that other stuff, the payroll tax cut, the unemployment insurance, the sequester, all that, that would still be expiring. so come early next year, the economy would likely be entering an austerity-induced recession. markets would be convulsing as they realize our austerity crisis is about to become also a default crisis. and so the economy, as a whole, is going to be going nuts. poll after poll already shows republicans are receiving more blame for the potential failure of the debt talks. and after telling the press they're going to make a strategic decision to use a debt ceiling as more and more dangerous leverage, they're likely going to get blamed for that, too. and that will be much worse in the polls. republicans may believe the wh
at the end of the year, we would still go over the fiscal cliff. remember, the bush tax cuts are one of the at least stimulative policies in the negotiations. according to the economic policy institute, extending the middle class tax cuts would wipe out only about 11% of the austerity's economic impact. 11%. but all that other stuff, the payroll tax cut, the unemployment insurance, the sequester, all that, that would still be expiring. so come early next year, the economy would likely be...
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Dec 6, 2012
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cliff if republicans don't agree to raising taxes on the rich. all this week we've been focusing on what it is about this congress and this administration that makes it seem like compromise is a dirty word. certainly the extremes in the party seem to view it that way. we've been talking with past congressional leaders who have sat down at the negotiating table, facing sharp differences with the other political party in the past and still managing to come out with a deal. today i spoke a short while ago with trent lott, author of "herding cats: a life in politics." >> senator lott, you and senator mitchell wrote op-eds. you said one solution is to hold congress at hearings, marking up legislation. most americans would agree with that but be surprised to hear, i mean, that's their job. i think most of us, you know, would assume, isn't that their job description? >> well, they've slowly slipped away. for several years now. they don't do appropriations bills before the end of the fiscal year, not even before the end of the calendar year. they haven't
cliff if republicans don't agree to raising taxes on the rich. all this week we've been focusing on what it is about this congress and this administration that makes it seem like compromise is a dirty word. certainly the extremes in the party seem to view it that way. we've been talking with past congressional leaders who have sat down at the negotiating table, facing sharp differences with the other political party in the past and still managing to come out with a deal. today i spoke a short...
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Dec 12, 2012
12/12
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add retailers to those worried about the fiscal cliff. a walmart survey says customers know about the impending tax increases and spending cuts. and some are cutting back on their spending for the holidays. most retailers depend on this month's sales for their success. and poor results could be disastrous for them. >>> and bank of america customers aren't happy, either. the nation's second-largest bank had its lowest satisfaction score in 11 years. the worst for any major bank, in fact. it's the only one with a grade lower than before the recession. at the other end of the spectrum, though, is jpmorgan chase, whose satisfaction score was up 6%. >>> and 2012 was on track for a record gun sales ahead of last year. the fbi has run 350,000 more of its instant background checks than in all of last year. abc news expects almost 2 million more gun checks just this month. >>> and call it easy bake backlash. a new jersey girl's campaign to make the toy more gender-neutral appears successful. 13-year-old mckenna pope says the easy bake oven should
add retailers to those worried about the fiscal cliff. a walmart survey says customers know about the impending tax increases and spending cuts. and some are cutting back on their spending for the holidays. most retailers depend on this month's sales for their success. and poor results could be disastrous for them. >>> and bank of america customers aren't happy, either. the nation's second-largest bank had its lowest satisfaction score in 11 years. the worst for any major bank, in...
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this fiscal cliff thing, the problem with the republicans, larry, is that they have been boxed in by the democrats into a difficult position where the polls confirm that the public in america believe that the reason that president obama is going to win the debate is because, come the fiscal cliff moment, that if he goes over, that they are going to save the backsides of the wealthy 2% of americans. i probably shouldn't but i do. >> speaking as a reagan conservative, i must say i rather agree with you. probably shouldn't. but i do. i think divided government is very difficult. and there's some principles that speaker boehner is fighting for, with which i actually agree. but i think politically, the risk here for the gop, is they've become the party of rich people. and they give up the middle-class to the democrats. and i think you saw some of that in the presidential election. i don't think that's their intent. i think their tax reform intent is quite sound. but the way this is playing out, i think that's a big risk for them. >> they're becoming the party of rich, white, older men, is
this fiscal cliff thing, the problem with the republicans, larry, is that they have been boxed in by the democrats into a difficult position where the polls confirm that the public in america believe that the reason that president obama is going to win the debate is because, come the fiscal cliff moment, that if he goes over, that they are going to save the backsides of the wealthy 2% of americans. i probably shouldn't but i do. >> speaking as a reagan conservative, i must say i rather...
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Dec 10, 2012
12/12
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that will continue to put pressure on house republicans to achieve a fiscal cliff deal in the coming days. speaker boehner has made it clear to the white house and his own republicans in the house he wants a deal no later than this saturday. >> major garrett, thank you. in an interview on friday, i asked general electric chairman and ceo jeff immelt for his thoughts on the looming fiscal cliff and the impact it could have on the u.s. economy. >> i'd make a couple comments. we've got to get this done now. not there are people who write and go on news shows and say we can let it lapse two weeks. that is specifically not true. we need this to get resolved now. not because because jim mcnerney will say it or jeff immelt will say it, but the millions who work for us, their lives are in flux. this is incredibly credible that we get it done now. we need revenue. everybody knows we need revenue. >> i think the president is right in asking for more revenue and therefore not extending the bush tax cuts to those with more than $250,000. >> bowles-simpson, there's not been one commission that sa
that will continue to put pressure on house republicans to achieve a fiscal cliff deal in the coming days. speaker boehner has made it clear to the white house and his own republicans in the house he wants a deal no later than this saturday. >> major garrett, thank you. in an interview on friday, i asked general electric chairman and ceo jeff immelt for his thoughts on the looming fiscal cliff and the impact it could have on the u.s. economy. >> i'd make a couple comments. we've got...
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Dec 5, 2012
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the fiscal cliff, you go over the cliff, the taxes go up for every single person. is the plan then if you do a deal for taxes on the middle class, then de facto the taxes go up on the wealthy and sort of have a win/win for the democrats? is that the scenario we're looking at now? >> well, the scenario is that we still have time to put a deal together. the president has a detailed proposal on the table. republicans need to decide where they want to move. john boehner needs to decide how he will get his caucus together. they're becoming increasingly isolated in their position. hopefully we can have a deal which protects the middle class. there is a piece of legislation sitting in the house today that would prevent taxes from going up on 98% of the american people. 97% of small businesses. they should go ahead and move that. and then we can have a broader discussion of how we achieve larger deficit reduction and avoid the fiscal cliff. but there's plenty of room and plenty of time for compromise. the president's position is clear. we're not going to do anything that h
the fiscal cliff, you go over the cliff, the taxes go up for every single person. is the plan then if you do a deal for taxes on the middle class, then de facto the taxes go up on the wealthy and sort of have a win/win for the democrats? is that the scenario we're looking at now? >> well, the scenario is that we still have time to put a deal together. the president has a detailed proposal on the table. republicans need to decide where they want to move. john boehner needs to decide how he...
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plan would raise $800 billion in tax revenue. but does so without raising tax rates for top income earners. the president says that's unacceptable. >> we're going to have to see the rates on the top 2% go up. and we're not going to be able to get a deal without it. >> reporter: republicans, like rising star senator marco rubio, say raising taxes on the wealthy is the wrong approach. >> the tax increases he wants would fail to make even a small dent in the debt. it would hurt middle-class businesses and the people who work for them. >> reporter: so, that's the major holdup, taxes. republicans and democrats deeply divided. >> there's nothing going on privately that's not going on public. >> reporter: amidst the political posturing, there may actually be a chance for compromise on medicare. president obama says he's open to raising the age when seniors can start receiving benefits, from 65 to 67. according to one study, that would save almost $6 billion a year. president obama travels, today, to the business roundtable, where he'll
plan would raise $800 billion in tax revenue. but does so without raising tax rates for top income earners. the president says that's unacceptable. >> we're going to have to see the rates on the top 2% go up. and we're not going to be able to get a deal without it. >> reporter: republicans, like rising star senator marco rubio, say raising taxes on the wealthy is the wrong approach. >> the tax increases he wants would fail to make even a small dent in the debt. it would hurt...
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Dec 7, 2012
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. >>> now it's up to two men to try to keep america from going over the fiscal cliff. 25 days and counting from the massive tax hikes and spending cuts. congress breaking in a week for the holiday. so john boehner trying to simplify things. he's asking top democrats and republica republicans to step aside so he can negotiate with the president one-on-one. it seems to be a request that everyone was able to live with. brianna keilar is live for us at the white house. if this is the case that everybody has been cleared out of the room, does that surprise you? it seems to make sense to me. >> reporter: it's not surprising at all. this is what observers of this process thought would happen all along. ultimately this was a process that would come down to president obama and house speaker john boehner brokering a deal. very much the way you saw they attempted to do during the debt ceiling debacle last year. it simplifies the problem of less cooks in the kitchen. then they will have to sell it. president obama would have to bring in democrats. john boehner would have to bring in his republicans an
. >>> now it's up to two men to try to keep america from going over the fiscal cliff. 25 days and counting from the massive tax hikes and spending cuts. congress breaking in a week for the holiday. so john boehner trying to simplify things. he's asking top democrats and republica republicans to step aside so he can negotiate with the president one-on-one. it seems to be a request that everyone was able to live with. brianna keilar is live for us at the white house. if this is the case...
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but if there's no deal and the country goes over that fiscal cliff, taxes go up for everyone, mandatory spending cuts go into effect, a lot of folks are going to say where was the president? he was just re-elected. why couldn't he put together a package, a deal to avoid this disaster? >> i think this is a question of political leadership. and as that poll showed, there's no doubt that the president has the political advantage going into this. but at some point, and i think we're kind of getting close to it, the president has to be able to pivot and to say how do i turn this political advantage into a real policy accomplishment? and, wolf, i don't think you're going to do that with continued campaign style events like we just saw meeting with middle class families. okay. we get that. that occurred during the campaign. the white house has clearly gotten its message out. i think now there has to be a next step. you know, timing is everything in politics. and this is absolutely no different. what i'm getting from talking to some democrats on the hill is i think there's actually a lot of pen
but if there's no deal and the country goes over that fiscal cliff, taxes go up for everyone, mandatory spending cuts go into effect, a lot of folks are going to say where was the president? he was just re-elected. why couldn't he put together a package, a deal to avoid this disaster? >> i think this is a question of political leadership. and as that poll showed, there's no doubt that the president has the political advantage going into this. but at some point, and i think we're kind of...
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there are dramatic changes as far as the estate tax is concerned if we go over the fiscal cliff, if no legislation is passed between now and the end of the year, walk us through what the folks out there can expect. >> here's how it works, wolf. if a family members dies and leaves their estate not to their spouse. but to their decendents, their children or someone other than their children. the estate tax kicks in. here's what's happening this year. according to the independent tax policy center. a state center worth less than $5 million are exempt. the center estimates about 3600 people, families, estates will fall into that category this year. 2012. next year barring any congressional action, that exemption falls down to a million dollars, the rate you pay on that estate jumps up to between 41% and 55%. on top of that, there's a 5% tax on the portion of very large tax estates. the tax policy tenners estimates the number will jump from 2600 in 2012 to 53,000 in 2013. that's a huge increase from where we stand right now. as you know, some people call this double taxation, because people
there are dramatic changes as far as the estate tax is concerned if we go over the fiscal cliff, if no legislation is passed between now and the end of the year, walk us through what the folks out there can expect. >> here's how it works, wolf. if a family members dies and leaves their estate not to their spouse. but to their decendents, their children or someone other than their children. the estate tax kicks in. here's what's happening this year. according to the independent tax policy...
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Dec 11, 2012
12/12
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. >>> tonight, who in america is betting on john boehner in his tax showdown with president obama? exactly no one. not even rush limbaugh. >> i don't think there's a republican alive who could stop what's going to happen. >> with the fiscal cliff just 22 days away. >> we're down to the final three weeks. >> the president is on the move. >> i'm willing to compromise a little bit. >> president obama on the ground in michigan. >> i will work with republicans. >> delivering a speech at an engine manufacturing plant. >> i'm willing to compromise a little bit. >> i'm willing to compromise a little bit. >> they are ready to make a deal. >> they are ready to make a deal on tax rates. >> republicans know that they have to give on taxes. >> i don't think there's a republican alive who can stop what is happening. >> senator corker has nailed this one. >> the leverage is going to shift. >> you have to have leverage. >> we don't have the leverage. the power isn't there. >> could a secret meeting seal the deal when it come to the fiscal cliff? the white house says it can happen. >> president oba
. >>> tonight, who in america is betting on john boehner in his tax showdown with president obama? exactly no one. not even rush limbaugh. >> i don't think there's a republican alive who could stop what's going to happen. >> with the fiscal cliff just 22 days away. >> we're down to the final three weeks. >> the president is on the move. >> i'm willing to compromise a little bit. >> president obama on the ground in michigan. >> i will work with...
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Dec 13, 2012
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>> people are doing interesting things when it comes to the fiscal cliff and taxes. overall h & r block there's one in every five miles of every american. they are every where. this is not just for the month of december. this is going to be going through into january and february. this is their busy time. they hire about 100,000 year-round. the peak season is october to january. tax professionals client service customer care positions, customer care, tech support. one in every tax return in this country that is filed h & r block does it. the fiscal cliff is changing especially with the real estate market i will talk about that next week. they are busy right now. we want to know how to file our taxes. >>> they are lacking toer more than masking. >> exactly. >> everything is listed at my block casone exchange.com. you can apply. we are going to be getting follow up with the fed and crazy decision that took many of us by surprise. >> it is 25 minutes after the hour. he sacrificed his life to save the lives of fellow soldiers in iraq. why is the military refusing to give
>> people are doing interesting things when it comes to the fiscal cliff and taxes. overall h & r block there's one in every five miles of every american. they are every where. this is not just for the month of december. this is going to be going through into january and february. this is their busy time. they hire about 100,000 year-round. the peak season is october to january. tax professionals client service customer care positions, customer care, tech support. one in every tax...
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Dec 12, 2012
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that committee writes all of our tax laws so this is the room w where any deal on the fiscal cliff would be born or die. we have we have new information on those negotiations in just a moment.. >> that's right, it's incredible it's incre to be here in this room. we're going to talk more about mor this a little later in the show. >> surrounded by all the photographs of all the powerful house & ways means chairmen.and >>> we want to get to some of first. the news first.g with violent ski on the other side ofn the the country, thousands of of the holiday shoppers had to ask thor yesterday as a man wearing camouflage opened fire at a mall hundreds o just outside portland oregon. police say he killed two people and wounded another, then shot another, himself to death. john blackstone is at clackamass town center. john good morning. >> reporter: good morning, norah and charlie and good morning to our viewers in the west. the christmas spirit quickly left this mall yesterday. one eyewitness said the gunman was wearing a hockey mask and bulletproof mask and calmly fire on announced he was the sh
that committee writes all of our tax laws so this is the room w where any deal on the fiscal cliff would be born or die. we have we have new information on those negotiations in just a moment.. >> that's right, it's incredible it's incre to be here in this room. we're going to talk more about mor this a little later in the show. >> surrounded by all the photographs of all the powerful house & ways means chairmen.and >>> we want to get to some of first. the news first.g...
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Dec 5, 2012
12/12
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with no agreement, going over the fiscal cliff would be painful. the automatic tax increases break down like this: households making $20,000 to $4,000 would see an increase in $1,200 a year. incomes $40,000 to $64,000 would see taxes rise $2,000 and in the $64,000 to $108,000 bracket taxes go up $3,500 a year. mr. obama and the republican speaker of the house talked this over today and here's major garrett at the white house. major? >> reporter: scott, ther there a code of silence the white house and speaker boehner's try to apply to these phone conversations, releasing as few details as possible to protect the underlying negotiations. nevertheless, cbs news has learned the following: the speaker and the president spoke before treasury secretary tkpwaoeugter in'ers.e.c.geithneg over the cliff, the conversation was described as brief, meaning shorter than the 28-minute conversation speaker boehner and the president had last week. also those familiar with the conversation tell me -- or do not used a skwrebgive thes like "curt," "frank" and "direct" m
with no agreement, going over the fiscal cliff would be painful. the automatic tax increases break down like this: households making $20,000 to $4,000 would see an increase in $1,200 a year. incomes $40,000 to $64,000 would see taxes rise $2,000 and in the $64,000 to $108,000 bracket taxes go up $3,500 a year. mr. obama and the republican speaker of the house talked this over today and here's major garrett at the white house. major? >> reporter: scott, ther there a code of silence the...
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in the fiscal cliff debate, tax is a big part of that. where do you stand on that if you are anti tax? >> anti tax, but not anti common sense. it's obvious to me what the president is trying to do is the right thing to do. sometimes you have to have revenue in order to fill the hole. that's what president obama is trying to do and he's right on the mark. i support what he's doing. we have to watch spending too. common sense is really what i think americans want and what they believe in. what i believe in. and i think when you apply common sense to any issues, we can have common ground and move forward as a nation, do what's right and have a better future for all of us. >> governor crist, margaret hoover here. what you are saying sounds great, but republicans would say it sounds like political tunism at the cost of principal. you are becoming a democrat because there is no political future for you in florida as anything else. what do you say back to them? >> a lot of cynics in politics. and we recognize that. that's unfortunate. in order t
in the fiscal cliff debate, tax is a big part of that. where do you stand on that if you are anti tax? >> anti tax, but not anti common sense. it's obvious to me what the president is trying to do is the right thing to do. sometimes you have to have revenue in order to fill the hole. that's what president obama is trying to do and he's right on the mark. i support what he's doing. we have to watch spending too. common sense is really what i think americans want and what they believe in....
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Dec 7, 2012
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a taxes would be raised if there's no deal to avert the fiscal cliff. yesterday as you said, the president was in northern virginia meeting with a middle class family who would suffer if there was no deal. last week the president went to suburban philadelphia, to a small business again to make the point of his side in these fiscal cliff negotiations. different than a year and a half ago when the president dealt only with republicans in congress. this time he is taking the case to americans and getting outside of washington, d.c. congressional republicans not so happy that the president is doing this. >> we understand that. paul steinhauser live in washington, thank you. >>> let's talk more about the fiscal cliff. we have the washington correspondent for the new yorker and cnn contributor ryan lizza with us. john boehner and the president in a room, just the two of them. good idea? >> i think it is a good idea. >> if you look at the accounts of the negotiations of 2011 when you had boehner, mcconnell, nancy pelosi all in one ba bainer and the president w
a taxes would be raised if there's no deal to avert the fiscal cliff. yesterday as you said, the president was in northern virginia meeting with a middle class family who would suffer if there was no deal. last week the president went to suburban philadelphia, to a small business again to make the point of his side in these fiscal cliff negotiations. different than a year and a half ago when the president dealt only with republicans in congress. this time he is taking the case to americans and...
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we thought it worked with the electoral map and fiscal cliff, get them a room and try to it. welcome back. >> good to be back. >> bret: a different channelchallenge. we talked about taxes. let's start there. the compromise. how do you get the compromise. joe, start with you. >> the president is asking for $1.6 trillion in revenue. there is no way, the top rate of 39%. there is i think there will be a rate increase. there is no way the democrats are going to go for less than a rate increase. 37% might be a good place where it seems to be possibility for compromise. the president has to give and go to thenate bill for 20% tax and gain and dividends. the next place and big one is how you deal with deductions then, reforming that. my idea is capping all of them at 28%. let the deductions stay the same. take deductions but you can't lower tax rate below 28%. no matter how many you take. decent idea. top tier. democrats might go for it. >> this isn't an attempt to get more revenue. if you raise top rates back to where they were under clinton you can get $462 billion. if you do what
we thought it worked with the electoral map and fiscal cliff, get them a room and try to it. welcome back. >> good to be back. >> bret: a different channelchallenge. we talked about taxes. let's start there. the compromise. how do you get the compromise. joe, start with you. >> the president is asking for $1.6 trillion in revenue. there is no way, the top rate of 39%. there is i think there will be a rate increase. there is no way the democrats are going to go for less than a...
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time for the fiscal cliff update. we have not fallen over the ships but it is a few days away. no word of any progress. no compromise from either side. all with spending cuts and expiring tax credits. today, president obama pushed his proposed fix saying a deal must include higher tax rates. republicans say that is a job killer. they is said that forever. they let go of that, meeting at the white house yesterday. neither side will give any details about the conversation between president obama and speaker boehner. wendell, is there any time left to get this done? >>reporter: well, folks think there is time for enough of a deal but stopped short of a fiscal cliff but some think that has to happen this week. at a daimler truck stop the president didn't mention the upper income tax hike he is demanding but warned what will happen if congress doesn't extend the middle-class tax cuts both sides want. >> people will spend nearly $200 billion less than otherwise they would spend. consumer spending will go down. that means you have less customers, businesses get fewer profits, they hir
time for the fiscal cliff update. we have not fallen over the ships but it is a few days away. no word of any progress. no compromise from either side. all with spending cuts and expiring tax credits. today, president obama pushed his proposed fix saying a deal must include higher tax rates. republicans say that is a job killer. they is said that forever. they let go of that, meeting at the white house yesterday. neither side will give any details about the conversation between president obama...
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Dec 8, 2012
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it's about the money. >> so is 37 the magic number in this fiscal cliff debate? "outfront," two men who know taxes very well. douglas holtz-ekin, president of the american action forum and robert reich from the university of california and berkeley and former secretary under bill clinton. douglas, does this sound like code for a deal in the works? >> it certainly is good news that they aren't taking things off the table. i would be premature if i was celebrating a deal. there's a long way to go. it's important that they reach an agreement. the fiscal cliff is a very real danger to the united states economy. it's a recipe for a recession. and i certainly would not like to see the rhetoric that we saw from the treasury secretary tim geithner who said he's prepared to go over the fiscal cliff. that is not a good way to talk about what's going on right now. >> mr. reich, let me ask you the same thing. do you think there's code suggesting they are working towards something? because, doug, as you point out, the language was really harsh during this week. but all of a s
it's about the money. >> so is 37 the magic number in this fiscal cliff debate? "outfront," two men who know taxes very well. douglas holtz-ekin, president of the american action forum and robert reich from the university of california and berkeley and former secretary under bill clinton. douglas, does this sound like code for a deal in the works? >> it certainly is good news that they aren't taking things off the table. i would be premature if i was celebrating a deal....
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but there is this, if no deal is struck, and the fiscal cliff comes, then $600 billion in automatic tax increases and spending cuts will kick in. that could affect a lot of programs in this room. that, wolf, is going to lead a lot of voters, democrat and republican, unhappy. >> tom foreman. dramatic way of explaining what's going on. love that virtual studio he's got over there. thank you. >>> new clues potentially uncovered in a deadly decades old mystery haunting a reform school. you'll find out what researchers think they have found. that's next. i put away money. i was 21, so i said, "hmm, i want to retire at 55." and before you know it, i'm 58 years old. time went by very fast. it goes by too, too fast. ♪ but i would do it again in a heartbeat. [ laughs ] ♪ ♪ [ male announcer ] with a select terrain dial that adjusts the jeep grand cherokee's performance for specific weather and road conditions... ♪ ...even heavy snowstorms... won't keep you from getting to work. our apologies. ♪ >>> researchers may have unkfred shocking new evidence of a mass grave at a now closed florid
but there is this, if no deal is struck, and the fiscal cliff comes, then $600 billion in automatic tax increases and spending cuts will kick in. that could affect a lot of programs in this room. that, wolf, is going to lead a lot of voters, democrat and republican, unhappy. >> tom foreman. dramatic way of explaining what's going on. love that virtual studio he's got over there. thank you. >>> new clues potentially uncovered in a deadly decades old mystery haunting a reform...
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because of the uncertain tax situation posed by the impasse of the fiscal cliff. >> good call. clarendon, pennsylvania has a throat cheer about. it's powerhouse high school football team was featured on the cbs evening news on thursday night and on friday night they beat port allegheny 44-12 for it's 62nd consecutive win. that's the longest winning streak in the nation for a high school football team and if clarendon wins the state championship it will be their fourth consecutive title. >>> and it's about four after the hour. time for another check of the weather. is. >>> thank you so much. now things are really heating up. we're looking at a closer look at the northeast and the midwest. it's been crazy all throughout. as you can see highlighted in blue snow across the great lakes. we're more concerned with rain the wet stuff across much of the area from maine down in towards little rock. you can see highlighted in green that's what we expect this weekend. in term of rainfall totals about a quarter of an inch to half an inch. isolated areas one to two inches. that's a look at y
because of the uncertain tax situation posed by the impasse of the fiscal cliff. >> good call. clarendon, pennsylvania has a throat cheer about. it's powerhouse high school football team was featured on the cbs evening news on thursday night and on friday night they beat port allegheny 44-12 for it's 62nd consecutive win. that's the longest winning streak in the nation for a high school football team and if clarendon wins the state championship it will be their fourth consecutive title....
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and the fiscal cliff. james cheeks says he is counting on congress to prevent his taxes from going up. >> scary. you know, it's scary. where is that money going to come from, you know, how am i going to pay that extra tax hike. >> reporter: one booth over, ted and gus say they don't think congress can avoid the cliff. >> i hope so, but i don't see it yet. >> if we're going to have standoffs, have that do nothing congress, it is going to be awfully toug to get anything done. >> reporter: potential effects of the fiscal cliff in rock island, illinois aren't necessarily any better or worse than in other cities around the country. the bottom line is if congress fails to act, repercussions will be felt across the country. wolf? >> ted rowlands in rock island, illinois. >>> imagine being able to use your ipad, cell phone in the air whenever you want. up next, we have details on a new government effort under way now to keep you plugged in all the time, including on takeoff and landing, while flying. stand by. ♪
and the fiscal cliff. james cheeks says he is counting on congress to prevent his taxes from going up. >> scary. you know, it's scary. where is that money going to come from, you know, how am i going to pay that extra tax hike. >> reporter: one booth over, ted and gus say they don't think congress can avoid the cliff. >> i hope so, but i don't see it yet. >> if we're going to have standoffs, have that do nothing congress, it is going to be awfully toug to get anything...
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we may be seeing tiny hints of progress in the fiscal cliff crisis. it's getting quiet on capitol hill. 21 days remain before the tax hikes and spending cuts kick in, and congress breaks for the holiday, at least they are scheduled to, on friday. this is what you need to know. the president on the road pitching his tax plan to workers at a truck plant in michigan. house speaker boehner were conducting behind the scenes talks with the white house. and the posturing and finger pointing in washington suddenly stopped. we have more from washington. the sounds of silence may be the sounds of progress? >> potentially. we hope so. we don't really know. we're forced to read the tea leaves essentially, john, because neither side is giving details about the substance of discussions. let me read a statement from john boehner's press secretary. "discussions with the white house are taking place, but we have no detail to share about the substance of those conversations. the republican offer made last week remains the republican offer and we continue to wait for th
we may be seeing tiny hints of progress in the fiscal cliff crisis. it's getting quiet on capitol hill. 21 days remain before the tax hikes and spending cuts kick in, and congress breaks for the holiday, at least they are scheduled to, on friday. this is what you need to know. the president on the road pitching his tax plan to workers at a truck plant in michigan. house speaker boehner were conducting behind the scenes talks with the white house. and the posturing and finger pointing in...
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cliff pr campaign. he is meeting with a middle class family in northern virginia, and the white house says the president is going to talk about his efforts to extend tax cuts for the middle class as part of this debt deal. well, some economists are predicting that the country will go into another recession if this debt deal is not reached. any deal that the lawmakers and white house come up with is also going to have a major impact, so joining us to talk a little bit about it, peter morrissey. he is a business professor at the university of maryland, and our own chief business xhnt ali velshi. you wrote something, an article here, predicting that these tax hikes, the spending cuts likely in the debt deal, could push unemployment, you believe, from 7.9% all the way to 10%. how so? >> well, simply it will cut spending in the economy. the wealthy will have less money to spend, but the government will likely be spending a lot less money as well because the republicans are going to want spending cuts. you co
cliff pr campaign. he is meeting with a middle class family in northern virginia, and the white house says the president is going to talk about his efforts to extend tax cuts for the middle class as part of this debt deal. well, some economists are predicting that the country will go into another recession if this debt deal is not reached. any deal that the lawmakers and white house come up with is also going to have a major impact, so joining us to talk a little bit about it, peter morrissey....